2020 (3) TMI 157 - AT - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - application was rejected on the ground of limitation - HELD THAT - Appellant submitted that the Corporate Debtor returned the goods worth 27, 794/- leaving behind the net balance of 42, 04, 186.08/- only as on 10th March 2016. However such submission cannot be accepted as admittedly the bill raised from the period 03.04.2014 to 29.08.2014 and more than three years having passed the amount has not been paid. The application u/s 9 was barred by limitation. Appeal dismissed.

Summary

The Appellate Tribunal dismissed the appeal regarding the initiation of Corporate Insolvency Resolution Process against UG Hotels and resorts Ltd. The application was rejected due to being barred by limitation as the bill raised more than three years ago had not been paid. The appeal was dismissed with no costs.